Benchmark index is likely to trade volatile today with support at 25000 - 24950 level and resistance at 25300 - 25350 level - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded volatile before closing with 0.21% cut at 25145 level yesterday. Banking index performed better as it closed with 0.14% gain at 51473 level
* India VIX closed with 1.18% cut at 14.2 level
* Among Sectors IT AND METAL outperformed the benchmark index as they closed with 0.46% and 0.30% gains respectively while REALTY index underperformed as it closed with 0.97% cut
* Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.38% and 1.03% gains respectively
* Advance/Decline ratio was in favour of declines and cash turnover was lower than 5-day average. FII were net sellers while DII were net buyers in the cash segment.
* Both European markets (DAX) and US markets (DJIA) closed lower yesterday. Asian Markets are trading mixed today.
Intraday Market Outlook
* Benchmark index is likely to trade volatile today with support at 25000 - 24950 level and resistance at 25300 - 25350 level.
* Banking index is likely to outperform the benchmark index today with support at 51000 - 50800 level and resistance at 52000 - 52200 level.
* HDFCBANK has closed with bullish candlestick pattern and it is likely to trade with positive bias today.
NIFTY (Daily) Chart
BANK NIFTY (Daily) Chart
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